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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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ICICI Bank allots 364100 equity shares
Feb 07,2017

ICICI Bank has allotted 364,100 equity shares of face value of Rs. 2/- each on 06 February 2017 under the Employees Stock Option Scheme, 2000 (ESOS).

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Nitesh Estates announces resignation of CEO
Feb 07,2017

Nitesh Estates announced that Ashok Aram, Independent Director of the Company has moved to Frankfurt, Germany, as Chief Executive Officer of Deutsche Bank European Operations. In view of the geographical move, he has expressed his inability to continue on the Board of the Company, has elected to resign from the Board of the Company. However, he will be extending his support to the Company as Advisor.

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Hipolin announces appointment of director
Feb 07,2017

Hipolin announced that Nirav Dineshbhai Shah has been appointed as an Additional Director (Independent) of the Company, till the ensuing General Meeting, with effect from 07 February 2017 and approved the same in the meeting of Board of Directors held on 07 February 2017.

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Engineers India announces change in directorate
Feb 07,2017

Engineers India announced that the Ministry of Petroleum & Natural Gas, Government of India vide its letter dated 31 January 2017 (received on 07 February 2017) has communicated that the Competent Authority has approved the proposal for entrusting the additional charge of the post of Director (Projects), Engineers India to Sanjay Gupta, Chairman & Managing Director, Engineers India, for a period of three months from 01 January 2017 to 31 March 2017 or till the appointment of a regular incumbent to the post or until further orders, whichever is the earliest.

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NHPC announces appointment of director
Feb 07,2017

NHPC announced that as per Ministry of Power vide its order dated 01 February 2017 has appointed Nikhil Kumar Jain as Director (Personnel) on the Board of NHPC for a period of five years with effect from date of assumption of charges of the post, on or after 01 February 2017, or till the date of superannuation, or until further orders, whichever is the earliest. Accordingly the Board of Directors in its meeting held on 07 February 2017 has noted and confirmed the appointment of Nikhil Kumar Jain as Director (Personnel) on the Board of the Company with effect from 07 February 2017.

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Rico Auto Industries announces resignation of CFO
Feb 07,2017

Rico Auto Industries announced that Sanjay Syal, Chief Financial Officer of the Company has resigned from his office with immediate effect from the close of the office hours on 07 February 2017. His resignation has been accepted with the same date. He also ceases to be whole time KMP of the Company from the said date.

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Board of Accelya Kale Solutions declares interim dividend
Feb 07,2017

Accelya Kale Solutions announced that the Board of Directors at its meeting held on 07 February 2017 has declared an interim dividend of Rs. 11/- per share.

The dividend pay-out date is 27 February 2017.

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Accelya Kale Solutions fixes record date for interim dividend
Feb 07,2017

Accelya Kale Solutions has fixed 17 February 2017, as the Record Date for the purpose of interim dividend.

The dividend pay-out date is 27 February 2017.

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Speedy Recovery of Non-Performing Assets (NPAs) of Public Sector Banks (PSBs)
Feb 07,2017

Non-Performing Assets (NPAs) of Public Sector Banks (PSBs) as on September, 2016 stands at Rs.5,89,502 Crore (11.82%).

During FY 2015 and FY 2016 PSBs made total NPA recoveries of Rs.42,542 Crore and Rs.39,986 Crore, respectively. The bank-wise details of recovery of NPAs due to actual recoveries in the PSBs during the last two years as per Table below. Based on above data it is observed that PSBs recorded only a moderate decline of Rs. 2,556 Crore in NPA recoveries.

The Government has taken sector specific measures (Infrastructure, Power, Road, textiles, Steel etc.) where incidence of NPA is high. The Insolvency and Bankruptcy code (IBC) has been enacted and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and The Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act have been amended to improve resolution/recovery of bank loans. Six new Debt Recovery Tribunals (DRTs) have been established for improving recovery. RBI has provided a number of tools in this regard- Corporate Debt Restructuring (CDR), Formation of Joint Lenders Forum (JLF), Flexible Structuring for long term project loans to Infrastructure and Core industries (5/25 Scheme), Strategic Debt Restructuring Scheme (SDR) and Sustainable Structuring of Stressed Assets (S4A).

ANNEXNPA REDUCTION DATA FOR PUBLIC SECTOR BANKS(Rs. In Crore)Bank NameTotal reduction in NPAs- due to actual recoveries during the FY20152016Allahabad Bank8272,465Andhra Bank1,156729Bank of Baroda1,2951,347Bank of India2,7983,153Bank of Maharashtra430645Bharatiya Mahila Bank Ltd.--Canara Bank1,8711,260Central Bank of India3,4303,087Corporation Bank318477Dena Bank595728IDBI Bank Limited1,149840Indian Bank525513Indian Overseas Bank2,3421,784Oriental Bank of Commerce1,0101,149Punjab & Sind Bank190217Punjab National Bank4,2206,001Syndicate Bank1,0711,248UCO Bank1,6291,369Union Bank of India1,125844United Bank of India1,2371,095Vijaya Bank646288Nationalised Banks27,86429,239State Bank of Bikaner & Jaipur575756State Bank of Hyderabad1,9812,503State Bank of India8,5004,119State Bank of Mysore1,014490State Bank of Patiala1,4111,405State Bank of Travancore1,1971,474SBI Group14,67810,747Public Sector Banks42,54239,986Source: RBI

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Conversion of Kisan Credit Cards into Rupay Cards
Feb 07,2017

Under revised Kisan Credit Card (KCC) Scheme issued by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD), withdrawal through ATM/Debit Cards has been allowed as one of the delivery channels for the drawal of the drawing limit for the current season/year. The Government has been closely monitoring the progress of conversion of Kisan Credit Cards (KCCs) to RuPay ATM cum Debit Kisan Credit Cards (RKCCs). The Government has now decided that NABARD will coordinate the conversion of operative/live KCCs into RKCCs by Cooperative Banks and Regional Rural Banks (RRBs) in a mission mode. Conversion of KCCs into RKCCs will facilitate the farmers in undertaking financial transactions on digital platform. The use of RKCCs may increase the frequency of funds accessed by the farmer as there will be ease in withdrawing cash as and when required. This periodic withdrawal of small amounts will help in reducing the interest burden on the farmers and enable them to access credit as per their needs.

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Board of Ambition Mica approves allotment of bonus shares
Feb 07,2017

Ambition Mica announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved the allotment of bonus shares in the proportion of 1:2 as on 06 February 2017, record date in this behalf.

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Board of Padmanabh Industries approves change in company secretary and compliance officer
Feb 07,2017

The Board of Directors of Padmanabh Industries at their meeting held on 07 February 2017 has approved the resignation of Pramod M Savaliya from the post of Company Secretary and Compliance Officer of the Company. The Board approved the appointment of Maunish Gandhi as Company Secretary and Compliance Officer of the Company.

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Board of Gati approves allotment of equity shares under ESOP
Feb 07,2017

Gati announced that the Board of Directors of the Company at its meeting held on 07 February 2017 has approved the allotment of 154050 equity shares of Rs 2 each under ESOS. Consequently, the equity share capital has increased to 88182054 equity shares of Rs 2 each aggregating Rs 17.63 crore.

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Dollar strength drags rupee
Feb 07,2017

Rupee closed lower at 67.42/43 per dollar on Tuesday (07 February 2017), versus its previous close of 67.19/20 per dollar.

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Simplex Projects to hold board meeting
Feb 07,2017

Simplex Projects will hold a meeting of the Board of Directors of the Company on 14 February 2017, to consider the Unaudited Financial Results for the Quarter ended 31 December 2016.

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